19
INNOVATIVE STUDENT FACILITIES, INC. (Audited Financial Statements and Other Information) RUSTON, LOUISIANA JUNE 30, 2012 AND 2011
INNOVATIVE STUDENT FACILITIES, INC.
(Audited Financial Statements and Other Information)
RUSTON, LOUISIANA
JUNE 30, 2012 AND 2011
INNOVATIVE STUDENT FACILITIES, INC.
RUSTON, LOUISIANA
TABLE OF CONTENTS
AUDITED FINANCIAL STATEMENTS
Page
Independent Auditors' Report 1
Statements of Financial Position 2
Statements of Activities 3
Statements of Cash Flows 4
Notes to Financial Statements 5-10
OTHER REPORTS
Repoit on Internal Control over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 11-12
Schedule of Findings and Questioned Costs n
Schedule of Prior Year Findings 14
AUDITED FINANCIAL STATEMENTS
H E A R D , M C E L R O Y , & VESTAL LLC
C E R T I F I I Z D l ^ U B L I C A C C O U N T A N T S
333 Ti:\.\s STRFFI , Si'iii 1525
Sii«i:vi.i'()Rr, LOL'ISIANA 71101
318-429-1525 PIIONF • 318-429-2070 FAX
August 10, 2012
The Board of Directors Innovative Student Facilities, Inc. Ruston, Louisiana
IndeDcntlcnt Auditors' Ucpoi t
We have audited the accompanying statements of financial position of Innovative Student Facilities, Inc. at June 30, 2012 and 2011, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of Innovative Student Facilities' management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence suppotling the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Innovative Student Facilities, Inc. at June 30, 2012 and 2011, and the changes in its net assets and its cash flows for the years then ended in conforiiiity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued a report dated August 10, 2012, on our consideration of Innovative Student Facilities' internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and othei-matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accoidance with Government Auditing Standards and should be read in conjunction with this report in considering the results of our audits.
Shreveport, Louisiana VUorJi. V>7*^\vc« W e * W \ , ^ C
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INNOVATIVE STUDENT FACILITIES. INC.
STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2012 AND 2011
A S S E T S 2012 2011
Cash and cash equivalents (Notes 2 and 9) 7,761,179 13,199,691
Prepaid bond cost (Note 3) 1,373,634 1,427,856
Construction in progress (Note 4) - 47,042,336
Property, plant, and equipment, net of accumulated depreciation (Note 5) 71.241.872 16.485.604
Total assets 80.376.685 78.155.487
LIABILITIES AND NET ASSETS
Liabilities: Accounts payable - 10,308 Accrued interest payable 1,008,719 1,020,913 Bonds payable, net of discount (Note 6) 69.211.259 70.179,018
Total liabilities 70,219,978 71,210,239
Net assets: Unrestricted:
Undesignated Temporarily restricted (Note 9)
Total net assets
Tota! liabilities and net assets
8,937,399 1,219.308
10,156,707
80,376,685
6,298,477 646.771
6,945,248
78.155.487
See accompanying notes to financial statements.
INNOVATIVE STUDENT FACILITIES. INC.
STATEMENTS OF ACTIVITIES
FOR THE YEARS ENDED JUNE 30. 2012 AND 201
2012
Revenue: Rent income Investment income
Total revenue
Net assets released from
Exneiises: Amortization of bond di Depreciation expense Interest expense Maintenance expense Bank fees
Total expenses
Change in net assets
lestricfioiis
scount (Notes 3 and 6)
Net assets-beaiimine of year
Net assets-end of vear
Unrestricted
4,214,888 777
4,215,665
179,093
86,463 623,065 867,187 179,093
28 1.755,836
2,638,922
6,298,477
8.937.399
Temporarily Restricted
751,630
751,630
(179,093)
-
_
572,537
646.771
.„JU215,3_X»S
Total
4,966,518 777
4,967,295
-
86,463 623,065 867,187 179,093
28 1,755.836
3,211,459
6.945.248
10.156.707
See accompanying notes to financial statements.
201
Unrestricted
4,160,375 608
4,160,983
289,733
86,463 518,958 879,375 289,733
212 K774.741
2,675,975
3,622.502
6.298.477
Temporarily Restricted
229,610
229,610
(289,733)
-
-
(60,123)
706,894
646.771
Total
4,389,985 608
4,390,593
-
86,463 518,958 879,375 289,733
212 1.774,741
2,615,852
4.329,396
6.945.248
INNOVATIVE STUDENT FACILITIES, INC.
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED JUNE 30. 2012 AND 2011
4,966,518 777
(867,187) (179,093)
(28)
4,389,985 608
(879,375) (289,733)
(212)
2012 2011
Cash flows from oneratiiig activities: Rent income Investment income Interest paid on bonds Maintenance expense Bank fees
Net cash provided by operating activities 3,920,987 3,221,273
Cash flows from investing activities: Capital expenditures (including capitalized interest) (8,358.899) (7.329.501)
Net cash (used) by invesfing activities (8,358,899) (7,329,501)
Cash flows from flnancing activities: Repayment of bonds payable (1.000,000) (915,000)
Net cash (used) by financing activities (1,000.000) (915,000)
Net (decrease) in cash and cash equivalents (5,438,512) (5,023,228)
Cash and cash eduivalcnts-bcgiiining of vear 13.199,691 18.222,919
Cash and cash equivalents-end of vear 7.761.179 _ 13.199.691
Reconeiliation of change in net assets to net cash pi'ovided bv operating activities:
Change in net assets 3,211,459 2,615,852 Adjustments to reconcile change in net assets to net
cash provided by operating activities: Amortization 86,463 86,463 Depreciation of property, plant, and equipment 623,065 518,958 Other adjustments - -
Net cash provided by operating activities _ l j20 .987 3.221.273
Supplemental Cash Flow Information: Interest paid (net of capitalized interest of $2,306,600
and $2,336,000, respectively) 879.381 884.775
See accompanying notes to financial statements.
INNOVATIVE STUDENT FACILITIES. INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
1. SumniaiT of Significant Accounling Policies
Nature of Activities innovative Student Facilities, Inc. (the "Corporation") was formed July 1, 2003 to acquire, construct, develop, manage, lease as lessor or lessee, mortgage and/or convey student housing and other facilities (the "Facilities") on the campus of Louisiana Tech Universit)' (the "University"). The constructioji projects are funded by Louisiana Local Government Environmental Facilities and Community Development Authority (the "Authority") Revenue Bonds. The proceeds of the bonds have been loaned by the Authority to the Corporation pursuant to a Loan and Assignment Agreement dated July 1, 2003 and September 1, 2007 and are to be used for (1) financing the cost of acquiring immovable propeity to be purchased by the Board; (2) financing a portion of the cost of the development, design, construction and equipping ofthe Facilities; (3) paying capitalized interest on the Bonds; (4) funding a debt service reserve fund; (5) paying the costs of issuance ofthe Bonds, including the premium for the Financial Guaranty Insurance Policy; and (6) payment for construction of new facilities and repairs and maintenance to exisfing facilities.
The Corporation will lease the land upon which the Facilities are constructed for $1 per year from the Board of Supervisors for the University of Louisiana System (the "Board") pursuant to the Ground Lease Agreements dated July 1, 2003 and September 1, 2007. Upon completion of construction, tiie Board will lease back the Facilities from the Corporation pursuant to the Agreements to Lease with Option to Purchase (the "Facilities Lease") dated July 1, 2003 and September 1, 2007. In accordance with the Facilities Lease, the Board, on behalf of the University, will pay Rental to the Corporation in an amount sufficient to pay debt service and related expenses on the Bonds. The Facilities Lease is a triple net lease and the Board agrees that the Rental shall be an absolute net return to the Corporation free and clear of any expenses, charges, taxes or set-offs whatsoever of any kind, character or nature; tlie Board shall bear responsibility for the payment of all costs and expenses associated with the ownership, operation and maintenance ofthe Facilities. Under no circumstances will the Corporation be required to make any payments on the Board's behalf or assume any monetary obligation ofthe Board under the Facilities Lease.
Basis of Accounting The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles of the United States of America. Accordingly, they reflect revenues and related receivables when earned rather than when received and expenses and related payables when incurred rather than when paid.
Net assets, revenues, expenses, gains and losses are classified based upon the existence or absence of donor-imposed restrictions.
Financial Statement Presentation Tlie Corporation is required to report information regarding its financial position and activities according to three classes of net assets:
Unrestricted net assets - Net assets that are not subject to donor-imposed stipulations. However, these assets may be designated by management for specific purposes.
1. Organization and Significant Accounting Policies (Continued)
Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that may or will be met either by actions ofthe Corporation and/or passage of time. This classification includes gifts, annuities and unconditional promises to give for which the ultimate purpose ofthe proceeds is not permanently restricted.
Permanently restricted net ctssels - Net assets subject to dotior-imposed stipulations that they be maintained permanently by the Corporation. Generally, the donors of these assets permit the Corporation to use all of, or part of, the income earned on the related investments for general or specific purposes.
NetAssets Released from Restrictions Expirations of temporary restrictions on net assets (i.e., the donor-stipulated purpose lias been fulfilled and/or the stipulated time period has elapsed) are reported as reclassifications between the applicable classes of net assets.
Cash Equivalents ¥or financial statement purposes, the Corporation considers all deposits in money market funds to be cash equivalents. Cash equivalents arc stated at cost, which approximates niaiket value.
Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date ofthe fmancial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
2. Cash and Cash Equivalents Cash and cash equivalents consist of money market funds collateralized by U.S. Treasury securities in the amount of $7,761,179 at June 30, 2012 and $13,199,691 at June 30, 2011. Such money market funds are exposed to custodial credit risk because the money maiket funds are uninsured and collateralized with securities held by the trust department of J. P. Morgan Chase and Bank of New York.
3. Prepaid Bond Costs The Series 2007 Bonds were issued to include some additional prepaid bond costs, including but not limited to, bond issuance premium (discount), underwriter's discount, and other costs. These costs are being amortized over the iife of the bond on the straiglit-line basis. Amortization expense recorded in the statement of activities totaled $86,463 for the years ended June 30, 2012 and 2011.
4. Construction in Progress Construction in progress consisted of construction costs completed through the date ofthe financial statements on the Corporation's new construction on the Universit)''s campus. The scope of the construction will include three (3) segments: Phase II Housing, Recreation Facilities, and Other Athletic/Intramural Facilities. Phase II Housing includes construction of an approximately 500-bed apartment style development, witli Phase I, a 448-bed development being completed in 2005. The Recreation Facilities include renovation and new construction at the University's Maxie Lambright Intramural Sports Center to inciude a new 25-meter competition pool, a new atrium, food service, seating, a rock-wall, new bowling lanes and new classroom space. The Other Athletic/Intranuiral Facilities include new tennis courts, new locker and restroom facilities for intramural and athletic use, and construction of a new track surface and football stadium jumbotron.
4. Construction in Progress (Continued)
The Corporation entered into a contract (the "Architecture Contract") with Tipton Associates (the "Architects") to provide for the design and engineering ofthe project. Additionally, the Corporation entered into a contract (the "Construction Contract") with Lincoln Builders, Inc. (the "Builder") to provide for the construction ofthe described project.
The Architecture Contract required the Architects to perform the design and engineering of the development as generally described in a master plan prepared for the Board. The Architects worked concurrently with the Builder, the Corporation and the Corporation's Advisory Committee to design the development. Upon the Corporation's approval of the designed development, the Builder provided the Corporation with a guaranteed maximum price to construct the development including all fees for the Builder and its subcontractors.
5.
All costs recorded in construction in progress are directly related to the construction of Phase li Housing, Recreational Facilities, and the Other Athletic/Intramural Facilities. The entire balance of construction in progress was transferred to property and equipment upon completion of construction (May 15, 2012). Capitalized interest costs included in construction in progress totaled $2,306,600 for the year ended June 30, 2012. Total interest expense on the bonds capitalized since issuance date (September 26, 2007) to the date ofthe financial statements is $11,163,243.
Fropcrtv^ Plant and Equipment Property, plant and equipment are depreciated using the straight-line method. Land improvements are depreciated over 20 years, buildings over 40 years, and furniture, fixtures, and equipment over 10 years. At June 30, 2012 and 2011, property, plant and equipment are comprised ofthe following:
2012 20:
Land Land improvements Buildings Furniture, fixtures, and equipment Recreational facilities Track and tennis facilities
Less-accumulated depreciation Net property, plant, and equipment
3,051,774 117,700
56,293,299 969,748
12,976,449 1.868.726
75,277,696 (4,035.824) 71.241.872
951,774 117,700
18,264,216 564,673
--
19,898,363 (3,412.759) 16.485.604
Depreciation of $623,065 and $518,958 was recorded for the years ended June 30,2012 and 2011.
6. Bonds Pavable Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds were issued for the purpose of providing funds to pay for the construction of the campus facilities to be occupied by Louisiana Tech University. Following is a summary of both Phase I and Phase II, respectively, bonds payable at June 30, 2012 and 2011:
2012 2011 Phase I Bond Issue:
Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, Series 2003 Serial Bonds, interest rates ranging from 2.0% to 3.575%, principal payments begin July 1, 2006, final maturity July 1, 2013. 885,000 1,275,000
6. Bonds Pavable (Continued) 2012 2011
Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, Series 2003 Term Bonds, $1,045,000 bearing interest at 4.0% due July 1, 2015, $1,875,000 bearing interest at 4.0% due July 1, 2018, $4,200,000 bearing interest at 4.375% due Juiy I, 2023, $5,305,000 bearing interest at 4.5% due July 1, 2028, $6,635,000 bearing interest at 4.5% due July 1,2033.
Less-original issue discount
Total Phase I bonds payable
19,060,000 19,945,000
(305.473)
19.060,000 20,335,000
(320,019)
19.639.527 20.014.981
The 2003 bonds were issued at a discount of $436,386. Tliis discount is being amortized over the life ofthe bonds on the straight-line basis. Amortization expense recorded in the statement of activities totaled $14,546 for the years ended June 30, 2012 and 2011.
The annual debt service requirements to inaturit>', including principal and interest, for bonds payable as of June 30, 2012 are as follows:
2013 2014 2015 2016 2017-2021 2022-2026 2027-2031 2032-2034
Less-interest
1,285,281 1,305,613 1,327,850 1,351,950 7,071,125 7,416.143 7,411,675 4,446,425
31,616,062 (11.671,062)
Outstanding principal-Phase I 19.945.000
Interest expense for the years ended June 30, 2012 and 2011 was $867,187 and $879,375, respectively Interest capitalized related to this bond issuefortiieyearsended June 30, 2012 and 2011 was $0.
2012 201
Phase II Bond Issue:
Louisiana Local Government Environmental Facilities and Community Development Authority Revenue Bonds, Series 2007 Serial Bonds, inteiestrates ranging Horn 4.00% to 5.25%, principal payments begin October 1, 2009, final maturity October I, 2018. 6,855,000 7,465,000
6. Bonds Pavable (Continued)
2012 2011
Louisiana Local Government Environmental Facilities and Community Development Authorit)' Revenue Bonds, Series 2007 Term Bonds, $4,460,000 bearing interest at 5.25% due October 1, 2021, $3,380,000 bearing interest at 4.25% due October 1, 2023, $7,850,000 bearing interest at 5.25% due October 1, 2027, $4,550,000 bearing interest at 4.50% due October 1, 2029, $7,650,000 bearing interest at 4.50% due October 1, 2032; and $15,275,000 bearing interest at 4.50% due October 1,2037.
Less-original issue discount
Total Phase II bonds payable
43,165,000 50,020,000
(448,268)
43,165,000 50,630,000
(465.963)
50.164.037
The 2007 bonds were issued at a discount of $530,845. This discount is being amortized over the life of the bonds on the straight-line basis. Amortization expense recorded in the statement of activities totaled $17,695 forthe years ended June 30, 2012 and 2011.
The annual debt service requirements to maturity, including principal and interest, for Phase II bonds payable as of June 30, 2012 are as follows:
2013 2014 2015 2016 2017-2018 2019-2020 2021-2022 2023-2025 2026-2028 2029-2031 2032-2034 2035-2038
Less-interest
2,971,800 3,032,600 3,094,700 3,157,900 6,493,900 6,742,313 6,817,574
10,233,125 10,235,800 10,236,975 10,236,500 13.640.263 86,893,450
G6.873.450)
Outstanding principal-Phase II 50.020.000
Interest expense for the years ended June 30, 2012 and 2011 was $2,306,600 and $2,336,000, respectively. Interest capitalized related to this bond issue for the years ended June 30, 2012 and 2011 was $2,306,600 and $2,336,000, respectively.
Payments of scheduled principal and interest on the bonds, when due, are insured by Ainbac Assurance Corporation.
7. Income Taxes The Corporation is exempt from federal income taxes under Section 501(a) ofthe Internal Revenue Code (IRC) as an organization described in IRC Section 501(c)(3). Therefore, no provision for income taxes has been made in tlie financiai statements, but the Corporation is required to file an annual informafion tax return. The Corporation is also required to review various tax positions it has taken with respect to its exempt status and determine whether in fact it is a tax exempt entity. The Corporation must also consider whether it has nexus in jurisdictions in which it has income and whether a tax return is required in those jurisdictions. In addition, as a tax exempt entity, the Corporation must assess whether it has any tax positions associated with unrelated business income subject to income tax. The Corporation does not expect its positions to change significantly over the next twelve months. Any penalties related to late filing or other requirements would be recognized as penalties expense in the Corporation's accounting records.
Tiie Corporation files U.S. federal Form 990 for informational purposes. Tlie Corporation's federal income tax returns for the tax years 2008 and subsequent remain subject to examination by the Internal Revenue Service.
8. Risks and Uncertainties As discussed in Note 1, ihe Corporation is dependent upon the State of Louisiana Legislature appropriating funds to the Board sufficient to make payments of base rental to the Corporation.
9. Rcscned Cash The Board of Supervisors for the University of Louisiana System shall bear responsibility for the payment of all costs and expenses associated with the ownership, operation, and maintenance ofthe student housing and other liabilities as described in Note 1. Included in reseived cash, which are required to be kept in a separate bank account, are amounts received from the Board for the operation and maintenance ofthe Facilities. Reserved cash at June 30, 2012 and 2011 was $1,260,608 and $688,071, respectively.
10. Subsequent Events The Corporation has evaluated subsequent events through August 10, 2012, the date which the financial statements were available to be issued. Management is not aware of any significant subsequent events as of this date.
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OTHER REPORl S
FiEARD, M C E L R O Y , & V E S T A L ~ LLC
C E R T I F I E D P U B L I C A C C O U N T A N T S
333 TnxAS SiRiir^r, SUML 1525 SnRi-,\Ti>(iRT, LOUISIANA 71101
318-429-1525 PHONF. • 318-429-2070 FAX
August 10,2012
The Board of Directors Innovative Student Facilities, Inc. Ruston, Louisiana
Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accoi'dance with Government Auditing Standards
We have audited the financial statements of Innovative Student Facilities, Inc. as of and for the years ended June 30, 2012 and 2011 and have issued our report thereon dated August 10, 2012. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting In planning and performing our audit, we considered the Innovative Student Facilities, Inc.'s internal control over financial reporting as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements but not for the purpose of expressing an opinion on the effectiveness of the Corporation's internal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness ofthe Corpoiat ion's internal control over financial reporting.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect and correct misstatements on a fimely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited purpose described in the first paragraph of this section and would not necessarily identify all deficiencies in internal control that inight be significant deficiencies or material weaknesses. We did not identify any deficiencies in internal control over financial reporting that we consider to be material weaknesses, as defined above.
Compliance and Other Matters As pait of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of its compiiance with certain provisions of laws, regulafions, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of fmancial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit and, accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Govermnent A uditing Standards.
t^VIV A PROFFSSIONAL SFRVICES FIRM
SHREVEPORT • MONROE • DELHI
hmv@hinvcp;i.C(.)ni E-.MAIL www.hinvcpa.coiii WEH ALUIRHSS
n
This report is intended solely for the information of management, the board of directors, the Louisiana Legislative Auditor and the State of Louisiana, and is not intended to be and should not be used by anyone otiier than these specified parties.
Shreveport, Louisiana \WyA, V>76\ro4 W*<A<i-\ . U^C^
12
INNOVATIVE STUDENT FACILITIES, INC.
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED JUNE 30. 2012
We have audited the financial statements of Innovative Student Facilities, Inc. as of and for the year ended June 30, 2012, and have issued our report thereon dated August 6, 2012. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Our audit ofthe financial statements as of June 30, 2012 resulted in an unqualified opinion.
Section I - SumniaiT of Auditor's Reports
a. Report on Internal Control and Compliance Material to the Financial Statements
Interna! Control - No material weaknesses relating to the audit ofthe financial statements were reported, and no management letter was issued.
Compliance - No instances of noncompliance material to the financial statements of Innovative Student Facilities, Inc. were disclosed during the audit.
b. Federal Awards - Innovative Student Facilities, Inc. was not subject to a federal single audit for the year ended June 30, 2012.
Section II - Financial Statement Findings
No current year findings or questioned costs were reported for the year ended June 30, 2012.
See accompanying notes to financial statements.
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INNOVATIVE STUDENT FACILITIES, INC.
SCHEDULE OF PRIOR YEAR FINDINGS
FOR THE YEAR ENDED JUNE 30, 2012
No prior year findings or questioned costs were reported for the year ended June 30, 2011,
See accompanying notes to financial statements.
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